Beyond driving short term synergies by partnering with ICG Commerce, AdvancePierre Foods can immediately begin reaping the benefits of our world-class procurement infrastructure and its embedded expertise, market insights and benchmarks to help transform procurement and support its growth initiatives.

Renuart said he believes NORAD and the Northern Command should remain under the same commander because of what he called synergies in cyber security, intelligence and other areas.

"Long-term synergies will be achieved by combining DMV-Fonterra Excipients current global market position and sales network with Brahmar Cellulose extensive product knowledge and market position in India," said DMV-Fonterra Excipients Chief Executive Jan Jongsma.

RBC Capital Markets analyst Hank Calenti described the deal as pulling "a rabbit from a hat" to raise cash, and said that it would be hard for Barclays to dig out the proposed long-term synergies from the deal.